German Projects for Harsco - Analyst Blog
19 4월 2012 - 10:00PM
Zacks
Recently announced, Harsco
Corporation (HSC) declared that it has received two
separate construction project contracts in Germany. These awards,
directly related to the company’s Infrastructure business segment
are projected to ameliorate revenues by $1 million for Harsco.
The first of these is a major
contract, intended for the proliferation of Porsche’s automotive
research and development center, which would now consist of an
advanced wind tunnel, design center and an electronics integration
center. As per this agreement, Harsco will help build this
state-of-the-art center with walls of nearly 280,000 square feet
and also provide formwork for the iconic Porsche Spielzeugmuseum at
Bavaria.
Harsco’s second contract pertains
to assisting HOCHTIEF Solutions in a partnership agreement to plan
and construct 19 highway bridges across the A8 motorway in
southwest Germany. This development would ultimately extend the
motorway around 58 km and is currently being considered to be a
landmark project in the construction sector of the world.
Results declared for the
Infrastructure segment were not very encouraging in the final
quarter of 2011. Revenues fell almost 6% sequentially and margins
were also quite under pressure. Softness arising from the European
economy was the primary reason for the downfall coupled with
re-structuring activities implemented by the company which
deteriorated the overall performance of this segment in the
December quarter of 2011.
Success cannot be aleatory in this
regard and it is imperative that the company adopts some decidedly
proactive measures to pull up its Infrastructure segment while
traversing through 2012. Harsco hopes to drive some amount of
recovery in the segment from its varied re-structuring activities
and contract wins in its financial results of March quarter of
2012, which are expected to be declared on May 2, 2012.
Harsco should remain wary of
ominous competitors like W. W. Grainger, Inc.
(GWW), TMS International Corp. (TMS) and
Scansource Inc. (SCSC) in the industry. The
company currently retains a Zacks #3 Rank, which translates into a
short-term ‘Hold’ rating. However, we maintain a long-term
‘Neutral’ recommendation on the stock.
GRAINGER W W (GWW): Free Stock Analysis Report
HARSCO CORP (HSC): Free Stock Analysis Report
SCANSOURCE INC (SCSC): Free Stock Analysis Report
TMS INTL CP-A (TMS): Free Stock Analysis Report
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